SVN | King Properties Completes Sale of Prominent Multifamily Project in Pacific Grove, Calif. for $20.5 Million
PACIFIC GROVE, Calif. (PRWEB) November 28, 2017 -- SVN | King Properties, one of the nation’s premier net lease brokerage firms, has completed the sale of the Villa Del Mar Apartments for $20.5 million. The 76,170 square-foot multifamily development sits on nearly two scenic acres in Pacific Grove, Calif.
Compass Acquisition Partners purchased the property, with Kevin King, Managing Director of SVN | King Properties facilitating the transaction.
“The Villa Del Mar apartment portfolio offers the buyer a compelling value-add opportunity in a quality location, despite the fact that this property presented high barriers to entry,” said Kevin King of SVN | King Properties. “Through SVN’s rich tools and market data, we were able to craft a compelling offer that created a beneficial opportunity for both the buyer and seller.”
Less than a mile from the ocean at 1141 Lighthouse Avenue, Villa Del Mar is a three-building, 78-unit apartment complex well-situated at the intersection of Asilomar Avenue and Lighthouse Avenue. This easily accessible location is also convenient to the Monarch Butterfly Sanctuary, the Point Pinos Lighthouse and the Pacific Grove Marine Gardens, all within a one-mile radius.
About SVN | King Properties:
SVN | King Properties is an independently owned and operated SVN® office. The SVN organization is comprised of over 1,600 Advisors and staff in more offices in the United States than any other commercial real estate firm, and is currently expanding into six other countries. Geographic coverage and amplified outreach to traditional, cross-market, and emerging buyers and tenants is the only way to achieve maximum value for our clients. This is why we proactively promote properties and share fees with the entire industry. This is our unique Shared Value Network® and just one of the many ways that SVN Advisors create amazing value with our clients, colleagues and communities. For more information, visit http://www.svn.com.
Stephanie Palumbo, 617-431-6150, [email protected]
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